REG - Scirocco Energy PLC - Ruvuma Disposal Update

Scirocco EnergyAnnouncement

14/07/2022 17:15

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RNS Number : 5590S  Scirocco Energy PLC  14 July 2022

14 July 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Ruvuma Disposal Update

Scirocco Energy (AIM: SCIR) notes the announcement issued by Aminex PLC on 13
July 2022 which stated that its wholly owned subsidiary, Ndovu Resources
Limited, does not intend to exercise its pre-emption rights under the Ruvuma
joint operating agreement with regards to Scirocco's divestment of the Ruvuma
asset as approved by Shareholders on 29 June 2022, with a further update being
provided on 12 July 2022.

Further to its announcement on 13 June 2022, and in response to certain
Shareholder queries, Scirocco also confirms that should the Facility not be
repaid by the Repayment Date, then the price at which Wentworth (or another
party assuming the position of Wentworth) may convert all or part of the
Facility into fully paid Ordinary Shares (subject to applicable laws and
regulations) is equal to the closing VWAP of the Ordinary Shares on the
trading date prior to date of conversion, following the issue of a conversion
notice by Wentworth (or another party assuming the position of Wentworth).

Capitalised terms are as per the Company's 29 June 2022 announcement.

 

For further information:

 Scirocco Energy plc                            +44 (0) 20 7466 5000

 Tom Reynolds, CEO

 Doug Rycroft, COO

 Strand Hanson Limited, Nominated Adviser       +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney / Rory Murphy

 WH Ireland Limited, Broker                     +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR                         +44 (0) 20 7466 5000

 Ben Romney / Jon Krinks

 

 

 

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